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How much tax should i expect to pay if i plan to sell my stock percentage and are the taxes automatically deducted upon the sale?
Taxes are not generally withheld from the proceeds of stock sales, (unless you are subject to backup withholding). A report of the total amount of the sale (not the amount of the gain or loss) is made to the IRS on a form 1099 and that must be accounted for on your return. Stock sales are generally considered a sale of a capital asset and qualify for capital gains taxation. Presuming you meet the qualifications and have owned the stock for 1 year, the Capital gains tax is 15%. if you had it for a shorter period, it will be taxed at your otherwise ordinary tax rate. (BTW, if you aren't already above the lower ordinary tax bracket...still in the 15% ordinary tax bracket...the Long Term Gain rate is only 5%).
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First, it depends on whether you have a gain or loss on the stock. If you sold it at a gain, then you have to see if it can be offset by losses on other sales. Assuming not, t…hen yes - the gain would be included in your taxable income. As for how much federal tax you would owe - that depends on how much other income you have and whether the gain is considered long-term (asset was held for more than one year) or short-term (held for one year or less). On the state side - that depends on your state. Some states charge no income tax, some states use a reduced rate for long-term (but not short-term) gains, and some tax all gains the same as other income. The short-answer to your question, however, is - generally yes, you do pay tax in that situation.
If you are the "private" seller you do not collect sales tax. If your states requires sales tax to be paid on a private sell then the DMV will collect it when the buyer regist…ers the car.
The loss on the sale of a personal residence is a nondeductible personal loss. (Source: http://www.irs.gov/faqs/faq/0,,id=199617,00.html)
If you are referring to a MEDICAL/HOSPITALIZATION insurance co-pay, yes, that is deductible as a medical expense. And on property/casualty insurance, it may be deductible as a… casualty loss.
Gas tax is an excise tax not a sales tax. It is therefore not deductible for federal income tax purposes.
The state had a rate of 6.875% when this was posted but cities add additional rates on top. 'Sources and related links' below has current rates per city.
If you file a Form 1040, and itemize deductions on Schedule A, you have the option of claiming either state and local income taxes or state and local sales taxes. (You can't c…laim both.) If you saved your receipts throughout the year, you can add up the total amount of sales taxes you actually paid and claim that amount if it is larger than your State & Local income taxes that year. In most States with an income tax this is rather uncommon, unless you have made some fairly substantial sales taxable purchases and have both a low taxable income and enough expenses to itemize.
You pay taxes only on the profits (if any). If you owned the house for any two of the previous five years and the house was your principle residence for any two of the previ…ous five years, the first $250,000 is tax free. If you file jointly and your spouse also lived in the house for two of the previous five years, the first $500,000 is tax free. A reduced exclusion is available if you didn't meet the requirements but had to move for reasons beyond your control. The remainder is taxed as a capital gain. The long term capital gain rate is 0% or 15%. The short term rate is the same as for ordinary income. You may not claim a capital loss for a personal use property. State taxes are additional. Remember that you have to pay taxes to the state where the house is located even if you moved out of state.
You can use the following calculator to determine how much tax will be deducted from your paycheck: http://www.paycheckcity.com/NetPayCalc/netpaycalculator.asp Remember th…at the amount of income tax deducted depends on how you fill out Form W-4 that you give to your employer. It is not the real amount of tax you owe. The real amount is calculated when you fill out your tax return at the end of the year. When you fill out and file your tax return, you will get a refund if too much was deducted or you will pay more if not enough was deducted.
In Income Taxes
A loss means that the stocks were sold for less than their basis (usually what you paid for them). You need to know what you paid for them and at what price they were sold. Yo…u also need to know whether the stocks are short-term (prior to the sale, you had them for one year or less) or long-term (more than one year). These losses are deductible and are reported on Schedule D (Capital Gains and Losses).
If this is about your net take home pay for each pay period that your gross income is $$$. You should get this information from your employer payroll department as they will… be the one that would know how much FICA, federal income tax, state income, local taxes, etc they will have to withhold from your hourly pay or gross pay for the pay period. After the withheld amount for all taxes is subtracted from your gross wages (earned income) your paycheck will issued for the net amount of your earning (wages). ans The above is not really correct. While many amounts deducted from your pay, things like FICA, Unemployment Ins. Workers comp, medical contributions, etc. etc. are essentially out of your control, and your payroll department can best inform you of (especially as many of them have NOTHING to do with what you may otherwise consider income, or are a fixed amount or stop at certain thresholds).... the amount of income tax is entirely in your control and YOU direct the payroll department how much to deduct by properly and completely filing out a W-4 form. The amount may well be different for 2 even very similar people working at the identical job making the same salary. The amount should be enough to pay your tax due on that income...which once again, may be totally different between any 2 people based on many things. There is no specific fixed amount or percent. Two people working at the same job, making the same wage may (an almost always do) have much different amounts required to be withheld. It depends on many, many things...not the least of which is what you consider tax. Many people group all their withholding as a type of tax, but many may not be. Workers Comp, Unemployment, even FICA are all really more an insurance payment than a withholding against an income tax. The amount of tax withheld also depends on many other things...obviously which state (or even city) your in, the amount of income your projected on earning over the year, (which helps determine your tax bracket and the percent that may be required), as well as your filing status, number of dependents and other deductions (like interest on a mortgage) or contributions to 401K, or medical and other benefits you selected, etc., etc. All these things can be adjusted for your circumstances by properly and completely filling out (or changing) the Form W-4 all employers ask you to. The variations are so numerous that again, it is fair to say that it would be uncommon for 2 people, working at the same job making the same salary would have the same amount withheld. There are even a number of different legal ways for the payroll provider to calculate the amount to withhold considering all the above...but overall they make only a small difference. However, if your only working for a short period, say seasonally, since most all tax withholding calculations figure you will be making the amount on an annual basis, which would be much more income (or higher rate schedule) than you may have, you should make sure that is taken into consideration. Remember, anything withheld is just being done as an estimated installment payment toward whatever tax, if any, you do ultimately owe. If too much is withheld, it is refunded. (Too little, and you could pay a penalty and interest charges). Again, adjusting your W-4 is the way to correct for any of these circumstances. Just follow the instructions and examples for that form and you should have a very close amount for what is needed withheld for your situation...if for any number of reasons including those above, the situation changes... you will need to change the W-4. For the W-4 information and an online calculation tool go to www.irs.gov and IRS Withholding Calculator
When a licensed auto dealer purchases a car, whether from a private party, at an auction or from the manufacturer, the purchase is not considered a taxable transaction for sal…es tax purposes. This is the same when a grocery store purchases tomatoes from a local farmer. Neither pay a sales tax, but when the grocer sells the tomatoes to his customers, the customers pay a sales tax. To answer the question, neither pay a sales tax on the transaction.
Many taxes are deducted from your paycheck, but sales tax is not one of them. Sales taxes are collected by a merchant at the point of purchase of most goods and some services.… The merchant remits the sales taxes to the state on your behalf. Occasionally, you many not pay sales taxes at the time of purchase, as in when you make a purchase online from a merchant in another state. In those cases, you would owe a use tax to your state which is usually paid when filling out your annual state income tax return.